Ex-Nomura Trader Avoids Jail Time In RMBS Fraud Case

Law360 (December 17, 2020, 9:17 PM EST) -- Former Nomura Securities International Inc. bond trader Michael Gramins was sentenced Thursday to six months' home confinement with an electronic monitor, avoiding the prison term Connecticut federal prosecutors had requested for his fraud conspiracy conviction involving residential mortgage-backed securities.

U.S. District Judge Robert N. Chatigny seemed moved by the more than 100 letters written by family, friends and supporters of Gramins attesting to his good character, finding that Gramins' 2017 conviction appeared to be a "deviation" from an "otherwise ethical life."

"Do I need to incarcerate him in order to impose just punishment? Is it necessary?" the judge asked. "I don't...

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